Brent oil price above $78/bl, near all-time high

London Brent crude oil price climbed to a new 11-month high of $78.12 per barrel in earlier trades - just 53 cents away a record peak of $78.65 hit last August  on an influx of speculative fund money and tightening crude supplies from the North Sea, according to a report on the website of Reuters.

Nymex crude was up 29 cents at $74.22 per barrel, close to 11-month high but still well below its record high of $78.40 set in July 2006.